EVENTS OF DEFAULT AND BREACH. SECTION 17.1 The following shall be Events of Default:
17.1.1 Failure by LESSEE to make payments of rent when due.
17.1.2 The filing of any involuntary bankruptcy, receivership or arrangement proceeding by KCS, LESSEE or any holding company having an interest in LESSEE, which filing is not dismissed within sixty (60) days.
EVENTS OF DEFAULT AND BREACH. 8.1. An Event of Default shall occur if: -
8.1.1. the Beneficiary breaches any provision, representation and warranty given by it in this Agreement;
8.1.2. the Beneficiary or any of its Shareholders commits an act of fraud or is disqualified to act as a director in terms of a court order;
8.1.3. the Beneficiary utilises the Fund for purposes other than contemplated in this Agreement;
8.1.4. the Beneficiary ceases to conduct the Business, is liquidated or placed into business rescue prior to the payment of the Grant;
8.1.5. the Beneficiary commits any other breach of this Agreement;
8.1.6. any material adverse change occurs in relation to the Beneficiary which shall inter alia include but not be limited to change in control of the Beneficiary;
8.2. If an Event of Default occurs, the Department shall be entitled to, in addition to any other rights it may have: -
8.2.1. suspend performance of any obligation owed by the Department to the Beneficiary in terms of any agreement concluded between the two, including but not limited to refuse to make any further Disbursements against the Grant to the Beneficiary;
8.2.2. on the giving of written notice to the Beneficiary, demand that the Beneficiary, immediately repays the Fund to the Department;
8.2.3. charge interest at the prime rate on the Grant calculated from the date of Disbursement to the date of full payment (both dates inclusive);
8.2.4. refuse to allow any further Disbursement of the Fund to the Beneficiary;
8.2.5. cancel this Agreement and/or;
8.2.6. institute legal action against the Beneficiary.
8.3. The Department may exercise any of these rights and any other rights it may have together or separately and at any time and in any order.
EVENTS OF DEFAULT AND BREACH
